The Nixon Administration, which seems
determined to prove itself tougher on antitrust policy than the
Democrats were, has lost an important round in its fight against
corporate bigness. Last week a federal court refused to stop
International Telephone & Telegraph, the largest conglomerate, from
going ahead with one of the biggest mergers in U.S. historythe
acquisition of Hartford Fire Insurance Co. The combination would raise
ITT's assets by 50%, to more than $6 billion.
ITT has already spread into hotels (Sheraton), car renting (Avis), home
building (Levitt & Sons), book publishing (Bobbs-Merrill) and bread
(Continental Baking). Why would this aggressive...
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